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Fed Chair Yellen released comments that were slightly more dovish than her remarks after the last FOMC meeting, sending the US Dollar lower in Forex markets.

Yellen said the economy will need extraordinary support for some time and the taper of quantitative easing doesn’t mean a reduced commitment to stimulus. Yellen warned that there is still considerable slack in the economy and labor market and the Fed is still short of reaching its employment and inflation goals.

The newest Yellen comments sounded more dovish than her remarks from earlier this month that signaled a possible rate hike by early 2015. Yellen had said then that the current quantitative easing program may end by this fall, and when prodded by reporters for timing of a possible rate hike, she said six months after that. Therefore, today’s comments indicate that Yellen still supports accommodative policy despite her March comments, which caused the dollar to decline on the prospect of a longer wait for a rate hike.

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